HNI Corporation has signed an agreement to purchase Lamex, a privately held Chinese office furniture manufacturer for an unknown sum.
Lamex, which was founded in Hong Kong in 1977, has sales in excess of $70 million.
Stan Askren, chairman and president/CEO of HNI Corporation, said: "Lamex’s strong brand, significant customer base, and manufacturing capability offer HNI Corporation the opportunity to drive aggressive growth in China, one of the largest and fastest growing office furniture markets in the world."
The company posted a rise in Q4 profit, citing strong demand, pricing power, and moderating commodity costs. The furniture maker reported that earnings rose 25 per cent to $35.8 million, or EPS of $0.67, compared with $28.6 million, or EPS of $0.51, the year before. Consolidated net sales for the quarter increased to $662 million, compared to $547 million for the same quarter last year.